| Summary: | Optimizing international oil exploration projects is one of the main challenges for oil companies in obtaining investment benefits. This paper establishes an integrated evaluation model to maximize investment benefits within the constraints of technical and economic factors, including geological factors, resource quality, geographic conditions, the investment environment, and oil contracts. The paper also proposes a dynamic calculation method of indicators’ weight associated with oil prices. The analysis describes the effects of contract terms and the investment environment on project value and quantifies the contractor income ratio for different types of contracts and the investment environment of the host country. Oil exploration projects in Africa are illustrated as examples in which the evaluation indicator Adjusted Concept Reserves (ACR) is calculated for each project. The results show that remaining recoverable reserves and contract terms exert tremendous influences on ACR, and remaining recoverable reserves is the essential factor. Simultaneously, changes in oil prices lead to various rates of change in the contractor income ratio, which is determined by different fiscal terms. This study is important in helping oil companies optimize international oil projects and design reasonable investment strategies.
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